What you need to know about Long Term Care Insurance.


With medical advancements and more preventative treatments available, Americans’ life expectancy is longer than ever before. This increased life expectancy signifies that more people will need long term care insurance. This type of coverage is not provided by Medicaid or private health insurance; it is a separate insurance product. Additionally, with many individuals upside down in their mortgages and with depleted retirement savings, long term care insurance may be the only sure way that a person can have to pay for their later in life expenses. If you live in Webster or Dudley, Massachusetts, it is in your best interest to learn about long term care insurance now before you need it.

What It Covers

Long term care insurance is a completely separate product than normal health insurance or disability insurance. This insurance is intended for individuals who need long-term care at home or in a care facility. The idea behind the product is that you pay for the services that you may need later. If you need long-term care later in life, you have the arrangements already made. If you do not require long-term care, you simply will not use the product.

Governmental Programs

Medicaid provides medical insurance for destitute individuals, and it usually only covers disabled individuals or minors. Medicare will similarly not be available to assist individuals in most cases. Medicare may provide assistance to elderly individuals if they spend three days in a hospital and then subsequently go to a long-term care facility for the same reason that they went to the hospital. Medicare does not provide funding for at-home care or for an assisted-living facility.

When to Purchase Long Term Care Insurance

Like life insurance, the younger you are when you purchase long term care insurance, the cheaper that it will be. Additionally, if you wait too long until after you have developed medical conditions or conditions that will likely warrant the immediate need for long term care insurance, you may be denied coverage. The ideal time to purchase long term care insurance is when a person is relatively healthy and in their fifties. The denial of applications is lower at this point, and the premiums are more affordable than they would be if the customer purchased the insurance at a later point in time.

Benefit Period

The benefit period for long term care insurance can vary widely. Some periods are as short as two years while others last for ten years. Other options cover a lifetime option for debilitating diseases, such as Alzheimer?s or Parkinson?s. While a lifetime option is usually more expensive than a policy that offers coverage for a set duration, not having enough coverage can easily cost you tens or hundreds of thousands of dollars in the event that you need a longer period of care. The average claim lasts between two and three years.

Long term care insurance is an important insurance product that can help many individuals. With two out of every five individuals needing long term care insurance, it makes a valuable investment in your future.